A forward looking model of the exchange rate
用Wickens变量误差法估计含前瞻预期的结构性汇率方程，检验了简单开放套利模型，结果强烈支持更复杂的模型。
Abstract This paper outlines a simple framework for testing some of the underlying concepts which form the basis of a number of recent models of exchange rate determination. It estimates a structural exchange rate equation with explicit forward expectations using the Wickens errors‐in‐variables method. The paper finds a strong rejection of the simple open arbitrage model in favour of a more complex model.